President announces loans of MVR 500m for housing

President Solih during the inauguration of the Strategic Action Plan of the government. (Sun Photo/Ahmed Awshan Ilyas)

President Ibrahim Mohamed Solih, last night pledged to provide MVR 500 million as light loans to assist with the housing situation faced by many locals in atolls apart from the capital. 

The President was speaking in a meeting with candidates of MDP contesting in the upcoming local council elections last night when he said so. He spoke on various housing projects specifically focused on people in the underdeveloped atolls of the nation.

The President said that the government was working on resolving the housing situation and has now pledged to provide MVR 500 million as light loans to assist locals facing the issue.  

He added that the loans would bring a lot of easements to those who could not start work on constructing proper housing. The President did not, however, specify what the interest rate of the loans would be nor did he specify the period of repayment or the grace period. 

The President has previously stated that work was underway on housing units in different islands of the nation. The President had announced housing units of 300 in the islands of Lh. Naifaru, B. Thulhaadhoo and Th. Thimarafushi. 

Housing Minister Mohamed Aslam stated last week in the parliament that he had presented a parliamentary committee to lease lands from 25 islands for 99 years to run housing projects. Around MVR 1.3 billion is estimated to be earned through lease payments as per the base value of the proposal submitted to the parliament.